Small business tax concessions
IF YOU ARE an Australian Business with an annual turnover of less than AUD $50 million, and have been thinking of moving your business financial software onto a cloud digital technologies platform;
YOU MAY BE ELIGIBLE FOR an additional 20% deduction off the cost of digital business expenses that take advantage of cloud computing, if the eligible expenditure incurred from 29 March 2022.
The Government has introduced a tax incentive to support small businesses
Small businesses (with an aggregated annual turnover of less than $50 million) will be able to deduct an additional 20 percent ($100 expenditure will generate a $120 tax deduction) of the cost incurred on business expenses and depreciating assets that support their digital adoption, such as portable payment devices, cyber security systems or subscriptions to cloud based services.
This measure will apply to expenditure incurred in the period commencing from 7:30 pm AEDT 29 March 2022 until 30 June 2023. An annual cap will apply in each qualifying income year so that expenditures up to $100,000 will be eligible.
More Information about the incentive here
Tech Council of Australia CEO Kate Pounder said
“We applaud the measures announced in the federal budget that support the growing job opportunity in the tech sector. These measures will assist our goal of having 1.2 million people in tech jobs by 2030. Achieving this goal will help more Australian workers get high-paid, secure and flexible jobs.”
“We want to be an industry that creates great jobs for Australians and partners with governments to make sure Australians have the skills and support to get into them”. Ms Pounder said.
Read The full report here
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